Berenberg upgraded Albemarle to Buy from Hold with a price target of $160, up from $130. The company’s fiscal 2024 guidance was “underwhelming” and followed by a surprise $2.3B convertible preferred stock issuance, the analyst tells investors in a research note. However, the firm think both events “have reset market expectations for a fresh start.” From here, it expects growing lithium volumes, upside to lithium prices and no need for a further equity raise. Moreover, recent pessimism regarding electric vehicle sales is a contrarian buy sign as the fundamental growth story for lithium miners is unchanged, adds Berenberg.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALB:
- Albemarle management to meet with Oppenheimer
- Albemarle put volume heavy and directionally bearish
- Lithium stocks jumped after high Albemarle auction prices, says Loop Capital
- Early notable gainers among liquid option names on March 27th
- Albemarle price target lowered to $162 from $168 at Loop Capital